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4
FORMULA3 and FORMULA6:
These formulas are simple subtraction and multiplication formulas, and similar to
formulas that we have prepared in past problems. Remember to ROUND the result of the
multiplication in FORMULA3. FORMULA6 needs no rounding since it is only using
FORMULA4 and FORMULA5
A simple example of the IF function is used for both of these formulas which can be used
to calculate the union dues. FORMULA4 inserts \$25 in cell G13 for a union employee or
0 in cell G13 for a nonunion employee.
=IF(B13=”Y”,25,0)
FORMULA5 is similar except cell B13 is replaced with B14, and entered in cell G14.
When entering these formulas, be sure that you type it exactly as shown. Do not leave
any spaces between the numbers or symbols.
Requirement 6
P10, requirement 6, is to “prepare the journal entry to record the November payroll for all
employees assuming that the payroll is paid on November 30 and that Jones’s cumulative
gross pay (cell I13) is \$85,000”. Use the data in the PR4 file to prepare the following
journal entry.
The journal entry to record the employee’s pay deductions by the employer is specified in
the following:
Salaries expense
Federal income tax payable
Social security taxes payable
Medicare taxes payable
Union dues payable
Cash